SINGAPORE - Four men, aged between 39 and 59, have been arrested for their alleged role in purported cheating offences involving a cryptocurrency mining investment scheme.

The scheme, which supposedly had a fixed daily return of 0.5 per cent, was among several allegedly offered by local firm A&A Blockchain Technology Innovation.

The Commercial Affairs Department is currently investigating the business activities of the company for possible cheating offences, said the police in a statement on Monday (Feb 21).

"The offence of cheating carries an imprisonment term that may extend to 10 years and a fine," said the police.

The police also cautioned investors involved with the company not to make further payments to facilitate the recovery of their investments.

"Anyone who has invested with A&A Blockchain Technology Innovation is advised to lodge a police report," said the police.

They are encouraged to do so online, and should state clearly in their report the name and contact details of the company's representative who they dealt with.

They should also provide the date, amount and mode of payment of their investment, as well as any withdrawals that they had earlier made.

A copy of documents relating to the investment, such as marketing materials, receipts and correspondence, should be provided along with the report.

"Alternatively, you may bring a copy of the documents with you to lodge a police report at the nearest neighbourhood police centre or any neighbourhood police post," said the police.